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5 Cards in this Set
- Front
- Back
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For a sole proprietorship, Owners Equity is comprised of one account, Capital. For a corporation, stockholders' Equity is comprised of two classifications, |
Contributed Capital and Retained Earnings |
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Assets |
Are economic resources owned or controlled by a company |
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Owner withdrawals |
Are presented on the statement of owners equity |
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The matching concept |
Requires that the expenses incurred during a period be matched with the revenues that those expenses generated. |
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Revenue |
Is the amount of assets created as the results of selling a product or providing a service |
